Amp'd Files For Bankruptcy!

tavenger5 · 06-03-2007, 03:39 PM

With almost 200k subscribers, it looks like amp'd 'couldn't keep up with the growth'. A wah? According to a report on mocoNews.net (mocoNews.net - Unhealthily Obsessed with Mobile Content - Amp’d Bankruptcy Filing: Verizon Wireless Largest Creditor With $33 Million) Amp'd owes 33 million to verizon, 16 mil to motorola, 10 mil to vivendi, 8 million to Best Buy, and 1.8 mil to MTV; totaling 100 million. Total assets total less than 100 million.

Here is the official statement from Amp'd:

Quote:

On June 1st, 2007, Amp'd Mobile Inc. filed for protection under Chapter 11 bankruptcy to restructure the business. As a result of our rapid growth, our back-end infrastructure was unable to keep up with customer demand. We are taking this step as a necessary and responsible action to sustain and strengthen our momentum in the market place.

We expect to continue normal business operations throughout the reorganization process. We are confident that we will emerge from this stronger than ever for the following reasons:

The strength of Amp'd Mobile's brand and high customer demand for the product.

During the reorganization process, we are working with one of Amp'd Mobile's largest investors to obtain debtor-in-possession financing. Our investor supports our vision, strategic direction and business plan.

Amp'd Mobile's senior management team remains largely intact as we continue to focus on improving and scaling our backend infrastructure.

We are committed to assuring Amp'd Mobile services remain uninterrupted and will continue to provide our customers with the best service possible.

dzuchowski · 06-06-2007, 09:40 AM

Oh joy just signed up on Tuesday June 5 2007, hope Verizon takes them over, since i dont want a contract and they offer more minutes then Verizons easy pay no contract. Ampd has 3000 minutes and Verizon only 700 minutes.

pierre15208 · 07-04-2007, 11:55 AM

Didn't exactly help that they were signing up teens and college kids to post-paid accounts. There's a reason why MVNO's catered to young people like Virgin and Boost are primarily prepaid. I don't see Verizon buying them out, they'd never offer prepaid high speed mobile data.

Amp'd Files For Bankruptcy!

Re: Amp'd Files For Bankruptcy!

Re: Amp'd Files For Bankruptcy!